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Mining Risk Management

Managing the risk, reaping the rewards

The term “risk” has many meanings in the mining world. The current draft ISO guideline uses the broad definition of risk as “the effect of uncertainty on objectives”, and similarly broad definitions for “risk analysis”, “risk management” and “risk tolerance”. At SRK, our consultants are not only aware of the broader perspective, but also of the fact that many areas of our practice require expertise with specific risk management tools.

Risk Management Expertise

Our technical specialists apply state-of-the-art risk management tools related to their discipline. These tools vary widely. For example, our geotechnical engineers might use a reliability analysis to estimate the likelihood of a pit slope failure, and our environmental scientists might use an ecological risk assessment to characterise the significance of effects on the environment.

Our ability to apply complex risk tools is modulated by experience and judgment. Our specialists are aware of the weaknesses of overly quantitative risk tools, and work with you to find the simplest approach.

One of our particular strengths is the ability to integrate the methods used by our technical specialists into analyses of overall risks. Our processes help to take the numbers generated by technical consultants and relate them to your broader financial, environmental, community, and health and safety objectives.

Our goal in all cases is to help our clients achieve “risk efficiency”, i.e. a state in which all of the technical and non-technical issues facing an enterprise have been identified, analysed and mitigated to acceptable levels.

Feature Consultant

Jarek Jakubec has 30 years of operating and consulting experience in the mining industry. He specializes in mass mining, rock mechanics, diamond mining, and technical auditing.

As a cave mining expert, Jarek has worked on most of the world’s caving and sublevel caving projects. He has participated in several international research projects, including the Mass Mining Technology initiative, and worked with Dr. Laubscher to develop a rock mass classification system for caving mines. With Gemcom Software, Jarek developed a planning tool for sublevel caving mines and has lectured on cave mining on five continents.

Jarek acted as an expert witness in the Northparkes cave mine collapse court case and is a Qualified Person in terms of NI 43-101.

John Pfahl is a Mining Engineer with over 15 years of global experience in the mining industry currently serving as a corporate advisory consultant. John is an expert when it comes to investment analysis, strategic planning, risk analysis, capital markets and project valuation in the mining field. John has undertaken strategic planning and risk analysis exercises within the mining industry under a variety circumstances, but generally with a focus on long-term project development, market positioning and value creation.

Daryl is a civil engineer with 30 years of experience in mine waste management, mine water management, and mine closure. That experience includes engineering design and cost estimation, stakeholder consultation, project and technical risk assessment, and research and development of new waste and water management methods. He has contributed to projects in seven Canadian provinces and three territories, as well as in Europe, Australia, Asia, South America, and several states in the USA. He has authored or co-authored over fifty publications.

Dr. Neal Rigby has over 42 years of experience in the international mining industry as a Corporate Mining Consultant and Principal Mining Engineer. Neal has been in a position to independently certify to shareholders, stock exchanges and financial institutions the “bankability” i.e. fundamental value and risks and opportunities of mining projects. Most recently, Neal’s consulting work has been directed at the restructuring and sale of mining assets and the scoping and implementation of business improvement strategies with a specific emphasis placed on factors affecting value, liability and risk.